The lifting up of silver to its rightful plane by the side of gold will set in motion all the latent energies of the people. It will banish involuntary idleness, by putting every willing man to work. It will revive business, and reanimate the heart and hope of the masses. Capital, no longer fearing a fall in prices, will turn into productive avenues. The hoards of money lying idle in the bank vaults will come out to bless and enrich alike their owners and the community at large; while the millions of dollars now invested at low interest in gilt-edged securities will seek more profitable investment in the busy field of industry, where they will be utilized in the payment of wages and the consequent dissemination of comfort and happiness among the people.
And this it will accomplish not for the United States alone, but for civilization. For it is not too much to say, Mr. President, that upon the decision of this question depend consequences more momentous than upon that of any other question of public policy within the memory of this generation. In a broader sense than any other question attracting the general attention of mankind it is a question of civilization. It embodies the hopes and aspirations of our race.
The act of Congress which shall happily solve it will constitute a decree of emancipation as veritable as any that ever freed serf from thraldom, but more universal in its application. It will proclaim the freedom of the white race the world over, it will lift the bowed head of labor, it will hush the threnody of toil. It will inaugurate the true renaissance--a renaissance of _prosperity_, without which industry, learning, science, literature, art, are but as apples of Sodom. (Applause in the galleries.)
Alison, Sir Archibald, coinage has no effect in preventing fluctuations in value of coin, 42 effect of suspension of specie payments in England in 1797, 78
American Review, effect of increasing volume of money, 8
Automatic system of money, gold and silver, 9 why interfered with, 18
Appleton's Cyclopedia, definition of money, 67
Balance of trade, the argument based on, 96
Baring, Alexander, a reduction of paper would have the same effect as of any other money, 78